News

Companies combine big data, biotech to combat transaction fraud

July 21, 2016

Swiss-based NetGuardians and Sweden-based BehavioSec are integrating their complementary technologies to provide complete fraud protection for financial institutions, according to a press release.

NetGuardians specializes in the use of customer behavior analytics and profiling to implement fraud and compliance controls.

BehavioSec uses behavioral biometric technology to analyze behaviors at the user transaction level and alert to behavior changes that signal misuse.

User actions — for example, the way an individual swipes a smartphone — are distinct, so continuous machine learning can authenticate users based not on what they do, but also on how they do it, the release said.

"A password can be hacked, but a swipe style cannot," said Ingo Deutschmann, vice president of engineering at BehavioSec. "At the same time, because [biometric technology] does not require users to take additional security steps, it offers the ease of use that consumers ask for. Users are protected in such a way that they don't have to think about their security. Security is built into their own actions."

Financial institutions can add BehavioSec transaction-level protection to NetGuardians operational risk solutions, which leverage big data to correlate and analyze behaviors across a bank's entire system. 

"Financial institutions today need fraud protection integrated into everything they do," said Rafael Maio, chief operations officer at NetGuardians. "With BehavioSec, we help financial institutions provide strong security for transactions, contributing to overall security and client confidence."